Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Welp, once again...Gold/GDX showed resilience in the face of adversity. Perfect bounce for GDX off the gap I referred to earlier at $23.85. Glad it recovered the SMA 25, but watching the fact it did not recover the EMA 20. Only a few pennies below, but below nonetheless.

Ideally, we will see a bounce higher starting tomorrow to signal a potential end to the consolidation phase.

I will way that I believe it is pretty critical that Gold musters enough strength to set a new high on this trip up. Too many shots at the highs without success is not good. I have to believe that the Fed specifically mentioning that a stronger dollar hurts the growth aspects of the economy would cause weakness for the USD and give some strength to Gold. We'll see.